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A Flat Interest Rate plan computes interest payments based on the initial original principal.
An Effective Interest Rate plan computes interest payments based on the remaining outstanding principal at the end of each term and works on computing interest on a reducing balance basis. From the above illustration example, we can see that Flat Interest Rate is about 1.92 times more than an Effective Interest Rate term.
The total interest that the borrower pays at the end of the 5 years tenure is $15,000 ($100,000 * 3% * 5 years).

Depending on the loan tenure, as a general rule of thumb, Flat Interest rate terms are almost always about 2 times of Effective Interest Rates.
The interest computation is done based on the outstanding principal balance at the end of each repayment month.

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